Glacier Bancorp, Inc. (NASDAQ: GBCI) stock rose over 1.9% on 18th October, 2019 (as of 11:42 am GMT-4; Source: Google finance) after the company posted better than expected results for the third quarter of FY 19. GBCI has reported the net income of $51.6 million for the third quarter, which is an increase of 5 percent, compared to the prior year third quarter net income of $49.3 million. This includes the current period acquisition-related expenses of $2.1 million and $5.4 million of stock compensation expense related to the accelerated vesting of stock options from the Heritage Bancorp acquisition. The company posted the net interest margin of 4.42 percent, which had increased 9 basis points compared to 4.33 percent in the prior quarter and increased 16 basis points over the prior year third quarter. Core deposits organically grew 12 percent annualized, during the third quarter, including non-interest bearing deposit growth of 26 percent annualized. Third quarter organic loan growth was 4 percent annualized.
GBCI in the third quarter of FY 19 has reported the adjusted earnings per share of 65 cents, beating the analysts’ estimates for the adjusted earnings per share of 59 cents, as per Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $174.5 million in the third quarter of FY 19, beating the analysts’ estimates for revenue of $157.1 billion.
Meanwhile, In September of 2019, the Company announced the signing of a definitive agreement to acquire State Bank Corp., the parent company of State Bank of Arizona, a community bank based in Lake Havasu City, Arizona (collectively, “SBAZ”). The acquisition will be complete after getting required regulatory approvals and other customary conditions of closing and is anticipated to be completed in the fourth quarter of 2019 or early in the first quarter of 2020. After closing of the transaction, SBAZ will merge into GBCI’s Foothills Bank division and will expand the Company’s footprint in Arizona.
At the end of July, the company had completed the acquisition of Heritage Bancorp, the bank holding company for Heritage Bank of Nevada, a community bank based in Reno, Nevada (collectively, “Heritage”). After closing of the transaction, Heritage became the Company’s sixteenth Bank division. At the end of April, the Company had completed the acquisition of FNB Bancorp, which is the holding company for The First National Bank of Layton, a community bank based in Layton, Utah (“FNB”). After closing of the transaction, FNB became First Community Bank Utah, the Company’s fifteenth Bank division.